While New Brunswick marijuana was slated to be supplied by two public companies, the province has added one more licensed producer to the mix.

On Nov. 20, 2017, New Brunswick announced that the provincial government had signed a memorandum of understanding with Zenabis, a medical marijuana brand based in Atholville, for the company to supply recreational marijuana for the provincial market.

“As we enter this new retail market, we need to ensure there is a safe and secure supply of cannabis for recreational use,” said Labour, Employment and Population Growth Minister Gilles LePage in a press release, on behalf of Finance Minister Cathy Rogers. “I am pleased we were able to enter into this agreement with a licensed producer located right here in Restigouche.”

According to CTV News, Zenabis has agreed to supply 4,000 kilos of marijuana and marijuana-derived products per year, having an approximate retail value of $40 million.

The New Brunswick marijuana agreement with Zenabis is similar to the agreements made with Organigram (TSXV: OGI) and Canopy Growth (TSX: WEED), with Organigram supplying 5,000 kilos of marijuana and Canopy supplying 4,000.

Zenabis expects its agreement with New Brunswick to create 450 jobs in Atholville within two years.

“We are excited to enter into this arrangement with the province,” said Kevin Coft, CEO of Zenabis. “It will assure that the New Brunswick government has taken the necessary steps to serve market demand once legalization takes place in July 2018. The announcement also allows Zenabis to make the necessary investments in machinery and equipment to provide a broad range of products for New Brunswick consumers. Most importantly, this announcement will help provide stable jobs and employment in this region. The Government of New Brunswick should be commended for its forward thinking with regards to the cannabis industry.”

Caroline Cahill was the Managing Editor of MJINews from June 2014 through February 2018. She earned her BA in Communications from College of Charleston and her MFA in Creative Writing from Virginia Commonwealth University. You can follow her on Twitter @CtheresaC.

Connected

Subscribe

California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.

More strife is on the horizon for Ohio’s troubled medical cannabis program. On Feb. 20, 2018, a group of unsuccessful medical cannabis applicants, led by Jimmy Gould of CannAscend Ohio LLC, filed a lawsuit challenging the state’s medical cannabis licensing process.

While the province of Newfoundland and Labrador has its key policies in place for recreational legalization and has secured a supply agreement with Canopy Growth Corporation (TSX:WEED) to provide cannabis for the province, it is now ready to hear from prospective cannabis retailers.

MJINews was started to aggregate, report and opine on various ways to make money in the legal marijuana industry. While medical marijuana has been legal in many states for years, its legalization for recreational use in Colorado and Washington in 2014 has catapulted the entire subject to new heights.
Read more about us..